Global Aluminum Market to Touch $305.68 Billion by 2030

SEATTLE (Scrap Monster): According to a new report published by Reports and Data, the global aluminum market is predicted to reach $305.68 billion by the end of the current decade. The low density, high recyclability and reflectivity as well as its resistance to corrosion makes it a metal used extensively in various industrial sectors.

The global aluminum market is led by Asia Pacific region, noted the report. The market growth in the region is mainly driven by rapid urbanization, rise in income of people living in urban areas, and rapid industrial development. On the other hand, rising competition from substitutes and change in raw material prices tend to impact market growth. Specifically, aluminum has been showing growth in demand from developed countries such as India and China during the recent past.

The report cites Aluminium Corporation Of China Limited, China Power Investment Corporation, Emirates Global Aluminium PJSC, Rio Tinto Alcan Inc., Norsk Hydro Asa, United Company Rusal Plc, Alcoa Corporation, East Hope Group Company Limited, Dubai Aluminum Company Limited, and Century Aluminum Company as the key market participants.